Yup, that's crap. It won't hurt your car, but the performance claims are exaggerated. 10-12 hp gains? Sport Compact Car tested it on a couple cars. I believe one was some v6 and got 1-2hp gains. The other car tested was a 1st gen RX7 and it lost hp from the tornado. This one gets a big ole B.S. Any performance benefit you'd get is psychosematic.
Doesn't it just look stupid though? For $70, you can get yourself a K&N cone intake which at least has easily understandable performance benefits.